With the hype of cryptocurrencies, everyone wants to jump on the bandwagon, willing to give what it takes to get the advantages of the volatile coins and their usefulness.
And Reddit co-founder Alexis Ohanian believes that cryptocurrencies can be an effective tool in protecting funds against hyperinflation.
When he was asked about his views on cryptocurrencies, and why he would prefer them over regular currencies, Ohanian on The Late Show with Stephen Colbert said that "Cryptocurrencies are a fuel for a potentially new internet.”
He believes that "Things like Bitcoin and cryptocurrency are opportunity for us to have a store of value that is not backed by a single country."
Ohanian explained that cryptocurrency gives people the ability to control their own money without having to fear about any government intervention. This should be, especially in countries that are dealing with unstable political and economic predicaments.
While he said that idea may sound silly to those living in developed nations, but he believes that the real value of cryptocurrency is its ability to secure and transfer assets across national borders, especially for countries that are less economically stable.
Although the price of cryptocurrencies are volatile and can be very unpredictable, the Reddit co-founder said that cryptocurrencies can still offer more stability than the fiat currencies of countries struggling with hyperinflation.
Using cryptocurrencies, citizens in those countries can save themselves from losing their money.
"In so many states, there are uncertainties about government and money. And people see their lives savings disappear," said Ohanian.
The bad thing is that not many people understand this. So here, there are concerns to how legitimate the possibilities are.